The financial panic associated with the 1873 Vienna Stock Exchange crash is called the Panic of 1873. The crisis began in Austria-Hungary and spread through interconnected European and American financial markets.
A major trigger was the collapse of speculative investment in railways, property, and construction. In the United States, the failure of the banking firm Jay Cooke & Company in September 1873 helped provoke a severe Wall Street panic and a temporary closure of the New York Stock Exchange. Credit contracted, businesses failed, and unemployment rose.
The prolonged economic weakness that followed is often called the Long Depression, although historians differ about its timing and severity across countries. The Panic of 1873 is therefore the specific financial shock, while the Long Depression describes the extended period of economic difficulty. It should not be confused with the Panic of 1893, another major U.S. financial crisis.